Media conglomerate Time Warner has made a $33 million offer, via its Warner Bros. Entertainment subsidiary, to purchase assets from bankrupt...

Media conglomerate Time Warner has made a $33 million offer, via its Warner Bros. Entertainment subsidiary, to purchase assets from bankrupt publisher Midway.

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The proposal sees Warner attempting to purchase "substantially all of [Midway's] U.S. assets," including the Mortal Kombat franchise plus development studios in Seattle and Chicago. However, Midway was clear that the Warner offer does not include the TNA franchise, the Midway San Diego studio and Wheelman developer Midway Newcastle.

The two companies are now in a "stalking horse" agreement, with a "court-supervised auction process...intended to achieve the highest value possible for [Midway's] stakeholders" set to occur before the court can approve or deny the Warner bid.